(TheRedAlertNews.com) – While slightly better than expected, today’s monthly report on inflation in the United States of America shows that inflation is still skyrocketing and is hanging at a four-decade high — meaning more than half of all Americans have never experienced inflation at the current level.
As National Review points out in “Inflation Soars 8.5 Percent in July, Hovering around Four-Decade High“:
“Inflation surged 8.5 percent in July, down slightly from the four-decade high reached in June, the Labor Department announced Wednesday.
“The Consumer Price Index, a key measure of the cost of goods and services, dropped slightly due to a decline in fuel prices which drove the previous month’s historic spike.” [emphasis added]
Yet, even though there was some good news in the report, given the numbers weren’t quite as bad as expected, the Federal Reserve may still raise rates that impact consumers in other ways.
“Despite the slight relief offered by declining fuel prices, the Federal Reserve is still expected to raise interest rates to bring inflation closer to its target of 2 percent.”
What has been your experience? Have you noticed the price of gasoline easing slightly where you live? What about the cost of groceries and other essential items? Please share your thoughts and opinions by emailing [email protected]. Thank you.